ENTREPRENEURSHIP

Detailed explanation-1: -Market segmentation is the process of dividing the market into subsets of customers who share common characteristics. The four pillars of segmentation marketers use to define their ideal customer profile (ICP) are demographic, psychographic, geographic and behavioral.

Detailed explanation-2: -Psychographics vs Demographics Demographics explain who your buyer is, while psychographics explain why they buy. Demographics include objective data like gender, age, income, and marital status. Psychographic information includes subjective data like belief systems, values, goals, and attitudes.

Detailed explanation-3: -Geographic segmentation looks at where customers are located; demographic segmentation looks at demographic characteristics such as age, gender, and income level. Psychographic segmentation looks at lifestyle and personality traits, and behavioral segmentation looks at how customers interact with a product or service.

Detailed explanation-4: -A target market is a group of customers with shared demographics who have been identified as the most likely buyers of a company’s product or service. Identifying the target market is important in the development and implementation of a successful marketing plan for any new product.